HSBC believes that pricing for electric vehicles in Europe will remain disciplined, while the automotive industry benefits from stronger demand and government incentives. The electric-vehicle share exceeded 30 percent in August for the first time. This is stated in an analysis.
Discounts fell in September to 8.9 percent in Germany and 9.9 percent in the United Kingdom. At the same time, HSBC sees continued pressure from growing Chinese competition and lower margins on electric vehicles. The bank’s battery cost index fell 8 percent during the month.
Volkswagen is highlighted in particular by HSBC. According to the bank, the lower profitability of electric vehicles was one of the reasons behind the group’s profit warning on 18 September, in which operating profit was affected by a faster shift in demand toward battery-electric vehicles.
